Do you need to move houses but don’t have enough money to pay the rental advance? Or perhaps you have a medical bill that needs to be settled immediately? In cases like this, getting a loan installment or an urgent cash loan could be the solution!
For this article, we have compiled a list of banks and financial institutions in Kuwait that offer cash loans. We’ll be discussing various loan features, eligibility criteria, requirements, and other information. Keep on reading to know more about these loans!
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Guide to Getting an Urgent Cash Loan in Kuwait
In Kuwait, there are several banks and financial institutions that provide loans to citizens and expat residents alike. Please note that the interest rates and terms may vary among different institutions.
Eligibility
No matter which bank you decide to borrow from, you’ll need to meet some criteria, e.g. age, minimum salary, and so on.
For example, to be eligible for the National Bank of Kuwait’s Expat Loan, you need to have a minimum salary of KWD 400. What’s more, your age should be 65 or below when your loan matures.
Meanwhile, the criteria to qualify for the Commercial Bank of Kuwait’s Consumer Loan varies between Kuwait nationals and expats. For Kuwaitis, the age range is 21-69 years old, and the minimum monthly salary requirement is KWD 250. On the other hand, for expat residents, the age range is 21-59 years old, though the minimum monthly salary requirements is also KWD 250.
Requirements
The required documents vary among different banks and financial institutions, as well. For instance, applicants for the Commercial Facilities Company’s Personal Loan need to submit: a civil ID (for nationals), passport (for expats), and a recent salary certificate.
Meanwhile, those who would like to apply for QNB Kuwait’s Consumer Loan should prepare:
- Copy of original national ID/passport;
- Salary certificate from employer;
- Assignment of salary to KNB Kuwait;
- One month salary transfer; and
- Bank statements for the past 6 months (optional).
Banks and Companies that Offer Cash Loans
Below is a list of banks and financial institutions in Kuwait that offer different types of cash loans:
1. Al Ahli Bank of Kuwait
Founded in 1967, Al Ahli Bank of Kuwait is one of the leading banks not only in the country, but across the region. It has 29 branches located all over Kuwait, plus offices and branches in Egypt and the United Arab Emirates.
The bank offers a wide range of financial products and services. For consumer loans, repayment terms last from 12 to 60 months, whereas for installment loans, repayment terms last from 12 to 180 months. These loans are available to Kuwait nationals and expats.
To learn more about Al Ahli Bank of Kuwait’s loans, check out the company’s official website. Notably, it features a loan calculator, which enables people to estimate possible loans just by entering the type of loan they need, their income, how much they want to borrow, and their preferred loan duration.
2. Commercial Bank of Kuwait
Established in 1960, the Commercial Bank of Kuwait is the second oldest and one of the largest financial institutions in the country. One of its products is the Consumer Loan, which enables people to borrow loans ranging from KWD 1,000 up to KWD 25,000. The loan period is between 12 and 60 months, and borrowers can opt to settle their loans early without having to pay any additional fees.
Visit the Commercial Bank of Kuwait’s official website for more information about its Consumer Loan.
3. Commercial Facilities Company
In 1977, the Commercial Facilities Company was established as the first Kuwaiti closed shareholding company that provides installment credit facilities. Its services include: car financing, boat financing, housing loan, commercial loan, personal loan, and more.
The company’s Personal Loan offers financing of up to KWD 25,000 or 25 times an applicant’s basic salary (whichever is less). People can submit their loan applications through any of the Commercial Facilities Company’s five branches, mobile app, or official website.
4. Doha Bank
Established in 1979, Doha Bank is one of the biggest commercial banks in Qatar. Since then, it has expanded and established branches and representative offices in other countries, including Kuwait, United Arab Emirates, Turkey, Germany, United Kingdom, South Africa, India, Bangladesh, China, Nepal, Japan, South Korea, Singapore, and Australia.
In Kuwait, the bank offers several financial products, including the Personal Loan. Through this facility, customers can borrow up to KWD 70,000, and the repayment period is up to 180 months.
People can apply for Doha Bank’s Personal Loan through the bank’s official website. All they have to do is choose their preferred loan product and provide information (e.g. name, ID number, nationality, employer, monthly salary, and other relevant details).
5. National Bank of Kuwait
The National Bank of Kuwait was established in 1952; notably, it was the first national bank in the country, and the entire Arabian Gulf region, for that matter.
The bank provides a wide range of services, including the Expat Loan, which expats can use to buy a new car, renovate their home, pay for their children’s tuition, and other expenses. The bank also offers consumer loans, which provide financing of up to KWD 25,000, with repayment periods of up to 5 years.
Head to the National Bank of Kuwait’s official website for more details about its products and services.
6. QNB Kuwait
Established in 1964, this bank was initially called Qatar National Bank. In 2004, it was renamed as “QNB,” eventually becoming the biggest bank in Qatar and expanding operations into other countries, including Kuwait. Today QNB is present in over 31 countries.
In Kuwait, the bank offers the Consumer Loan, which borrowers can use to purchase home furniture and appliances, pay for wedding expenses, and other purposes. It provides loans up to 25 times the borrowers’ salary, with a limit of KWD 25,000. The repayment period is up to 5 years.
To know more about this Consumer Loan, visit the official website of QNB Kuwait.
7. Warba Bank
This bank was established on February 17, 2010 in Kuwait. It offers various banking and financing services, such as auto finance, medical finance, housing finance, and consumer finance.
Warba Bank’s Consumer Finance provides loans ranging from KWD 1,000 to KWD 25,000. Repayment periods range between 6 months and 60 months.
Check out the official website of Warba Bank to know more about its products and services.
Summary
Whether we like it or not, life brings us circumstances that involve unexpected expenses. Fortunately, we can apply for an urgent cash loan to help us cope financially during these situations. Using the above list, you can begin exploring possible loan options in Kuwait.
In the meantime, if you are looking for loans that are specifically designed for expats and foreigners, check out this article for more information!